Standard Chartered Bank Kenya and Prudential Life Assurance Kenya entered into a one of a kind new insurance deal targeting High Net Worth Individuals in Kenya for a high value protection.
The bankarurance product dubbed LivLife, will cover the wealthy for as much as Ksh.500 million for their “financial solutions that address their long-term financial planning and wealth management needs.”
It is tailored for wealthy clients seeking long-term financial security and intergenerational wealth transfer.
During a six-month pilot, LivLife recorded Ksh.2.6 billion in sales, pointing to a demand among Kenya’s affluent class.
The deal also includes a new product dubbed Future Ready, a savings-oriented insurance plan designed to help clients plan for children’s education and retirement, while maintaining financial stability.
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Standard Chartered will distribute the products through its advisory-led wealth management platform, offering personalized solutions that integrate insurance into financial planning.
Prudential on the other hans, will bring its global experience in insurance design and innovation to the table.
“The LivLife solution offers clients high-value life insurance tailored for intergenerational wealth transfer, legacy planning, and long-term financial security,” said Stanchat CEO and Managing Director, Kariuki Ngari.
The new deal coincides with Kenya’s nascent HNWI, currently at 7,200 in 2023, a 167 percent increase from 2012 when they stood at 2,700.
In Kenya, the bancassurance market has grown by 79.5% in five years, currently valued at Ksh.35 billion.
“While our initial focus is on the affluent segment, our broader ambition is inclusive. We are intentional in designing products that are accessible, understandable, and valuable,” said Gwen Kinisu, CEO of Prudential Life Assurance Kenya.
The two have enjoyed the partnership spanning 26-years and they both extend their financial services in eleven markets in Africa and Asia.
